Real Madrid are navigating a pivotal summer under Jose Mourinho, who arrived at the Bernabeu with a clear mandate to end a trophy drought after a deeply disappointing 2025-26 season. The squad's star names remain prominent at the World Cup, but off the pitch, the club's business is shaping up to be just as consequential as anything happening on it.

The most pressing transfer story centres on Bayern Munich winger Michael Olise. Claude Makelele has publicly urged president Florentino Perez to sign the France international, comparing his ability to influence matches to Lionel Messi, while former striker Ivan Zamorano declared he would complete the deal without hesitation. Olise himself has reportedly requested a meeting with Bayern officials to discuss his future, signalling that a move is firmly in play. The asking price is reported at around €223 million.

Behind that pursuit, Real Madrid are also managing internal contract tensions. Vinicius Junior's renewal talks have reportedly hit a financial stumbling block, with the club conscious of upsetting the balance among their other high-earning stars. On the positive side, Aurelien Tchouameni has committed his future to the club by signing a new long-term contract extension, ending Manchester United's pursuit and giving Mourinho a reliable midfield foundation to build around.

Kylian Mbappe, meanwhile, remains in the spotlight for reasons beyond football. His standing at the club deteriorated sharply towards the end of last season, and with France facing Spain in a World Cup semi-final, his performances on the international stage carry real weight for his reputation back in Madrid.